In this article, we will take a brief look at the potential of the Istanbul property market, and what key market indicators tell us about the viability of a buy to let property investment, especially from the perspective of the overseas property investor.
The first thing we will look at is the population and see if we can see a genuine need for housing in the city, the following figures come from the Jan 2008 census:
- Citizenry: 12.573.836 at the time of 1st of January 2008 (10.041.477 in 2000), that is 17.8% of the total inhabitants of Turkey (70.586.256 by January 2008)
- Denseness: 2.420 men/km square (26 instances that of Turkey in basic, which is 9-2 people/km2)
- Populace growth rate: 3.3% annually
This shows us that the population of Turkey is growing by some 400,000 residents per year, producing an urgent need for more great quality housing, and when a merchandise is in short offer, the price increases, that will be ideal surroundings for an international house investment, as Istanbul qualities are an issue.People who are looking for property in Istanbul can check out useful references online.
Next, we appear at the current amount of home in the Istanbul home marketplace:
Home: 869.444 structures or 3.393.077 solitary units
This tells us that we have 3 million residences and 1 2 thousand people, and in addition, we know that a number of 20% of the residences are substandard and in demolishing or need of reconstruction that is severe.
Exactly what do we tell from this quite raw data on the capacity for buy to permit home? Well, we can tell that there is a necessity for more starter homes and first purchase properties in Istanbul. We all know from the most basic of experience that this demand, both for resale and lease the home, is fueling, and will continue to energy lasting increase in Istanbul house.